KOCHI: Major coconut oil manufacturer, KLF Nirmal Industries Pvt. Ltd., which received capital infusion of Rs. 75 crore ($12 million) from private equity firm Banyan Tree Capital, is set for major expansion and launch of new range of products.

“The newly acquired capital will be used for the expansion of sales and distribution network and off-shore activities. We are targeting yearly turnover of Rs.550-600 crores within the next five years,” said Sunny Francis, director, KLF.

KLF, which manufactures a variety of coconut-based products, will launch 10 new products by June under the Coconad brand, said Paul Francis, managing director, KLF.

The products include varieties of instant coconut chutneys and chutney powders, coconut stew, and roasted coconut masala. A few more convenience food products, which are in the manufacturing stage, will be launched this year, he added.

Apart from these products, the company also plans to come up with a range of blended cooking oils. made by blending coconut oil with palmolein oil and sunflower oil to compete against adulterated oil products in the market that sell under the guise of 100 per cent pure coconut oil.

A portion of the new capital investment will be used for the manufacturing and marketing of virgin coconut oil on a large scale and expand its sales to Rs 100 crores within the next five years, Francis said.

George John, business development manager, KLF said KLF, the second highest selling coconut oil in Karnataka, Andhra Pradesh, Telangana and Maharashtra, is planning to increase its sales by threefold in theses within the next five years.

Another project in the pipeline is a hi-tech lab, which is being built at a cost of more than Rs 7 crores. The hi-tech lab will have NABL accreditation and sophisticated facilities to detect even the slightest adulteration like palm kernel oil mixed with coconut oil, which can be hard to detect otherwise.